Premium properties in East Renfrewshire cost nearly three times as much as the average home

Joseph Hook

Buying the most premium of properties costs nearly three times as much as the average home in East Renfrewshire, new research shows.

Estate agent Savills has carried out research into how much the top one per cent most expensive houses cost in every local authority.

It shows that buyers wanting to splash the cash on that one special house in 100 in East Renfrewshire will have to pay at least £762,000.

The average house price in the area was £262,000 in 2017-18, the year over which the analysis was conducted.

The cost of entering the one per cent property elite in East Renfrewshire is slightly more expensive than across Scotland as a whole, where the average minimum required is £636,000.

You would need more money in Edinburgh to join the exclusive group than anywhere else in Scotland – the top one per cent most expensive houses there start at £1.04 million. You could buy four of the equivalent in Na h-Eileanan Siar for the same money, where they start at £250,000.

Lucian Cook, head of residential research at Savills, said: “As you would expect, there is a clear link between high incomes and high house prices, with the wealthiest households clustered in the most exclusive locations.

“But these markets are also driven by substantial levels of private wealth, whereas even in the top 10 per cent of the market mortgage costs and availability remain the primary drivers.”

Savills’ research also showed that, in 2017-18, one in every 284 property sales in East Renfrewshire cost more than £1 million.